Donations to Cover the 6171.4626378 XCP Taken from Poloniex

:)  looks like my balance is back. Donated 41.988 XCP - marked as PENDING in Polo still

[quote author=busoni link=topic=127.msg791#msg791 date=1393093604]
[quote author=Polo link=topic=127.msg786#msg786 date=1393059532]
My understanding is that busoni’s for-profit Bitcoin exchange was hacked. It was busoni’s own doing to list XCP on his for-profit exchange. There was never any guarantee to busoni that he would profit from listing XCP or that he would not be subject to hacking attempts.

The XCP devs clearly advertised their software as “alpha”, and made no promises to busoni.

If you’re going to be in the for-profit Bitcoin exchange business, you’re going to have to chalk some things up to the cost of doing business. Coinbase was recently screwed out of 100 BTC by a clever hack. That sort of thing can’t phase you if you’re serious about operating a for-profit Bitcoin exchange. If Coinbase had listed XCP for sale, they certainly wouldn’t be asking for handouts.

The Counterparty devs had no way to amass XCP early on like Satoshi amassed BTC. The Counterparty devs don’t deserve to have to pay for the mistakes of a for-profit Bitcoin exchange operator whose operations turned sour, regardless of whether or not their open source protocol had anything to do with it. Neither do any other XCP investors owe busoni anything, as they also had nothing to do with busoni’s for-profit business decision.

busoni accepting donations is the best way of handling this. Taxing people, touching balances or affecting the ledger would result in catastrophic loss of trust in the protocol.
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I am not sure I understand all the focus on profit. If it were not for profit, would I somehow be absolved of responsibility? Would any flaws in my exchange become the shared responsibility of all users?


Poloniex was not hacked. It is true that there could have been extra security measures in place that would have prevented any loss from this attack, but when you say Poloniex was hacked, you’re saying someone broke in and gained unauthorized access to the system. This did not happen. Perhaps it is worth noting that the same exploit could have been used in the same way to steal BTC from people using the DEX. Was the DEX hacked?


I’m not going to get into whose fault it is or who is to blame. It doesn’t matter. What matters is how we proceed from here. I am happy to do what I can to get users’ money back, but people have to understand that even though I have the audacity to make a profit, I am not rich. I cannot pay back the lost BTC out of my pocket.


Some other things to note:


1. As PhantomPhreak said, Counterparty is alpha-quality software, and things may go wrong with it that cause you to lose money. Please understand that this can happen even on a centralized exchange like Poloniex.


2. Your money is safer in your wallet than it is on any exchange. As in most, if not all, terms and conditions of exchanges, there is a clause in the terms for Poloniex that absolves Poloniex of financial responsibility in the event that money is lost due to malicious actions of a third party. This does not mean that I will not do everything I can to pay people back, even out of my own pocket. It does not mean that I will not take responsibility. It does mean, however, that your money is not guaranteed against theft like it is at a bank.


At this point, I can do what is in my power to pay back the debt, and I can bolster security at Poloniex. Much has been done with the latter already, and much will continue to be done. The former will have to happen more gradually. It seems I have a sizable bounty coming to me for being the first exchange/punching bag to list XCP–this will go toward paying the debt.


I do appreciate how supportive people have been, and I still welcome suggestions about how to proceed. The BTC/XCP market will be resumed later today, once the block chain has finished syncing.
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Hey Thanks. I appreciate your service! Happy to see my balance intact once trading was resumed. I have one suggestion… add some donation info right on the site… even better put a SUPER simple donate button right on the balances page, XCP item. I would imagine managing donations would be much easier if they were coming right from user’s accounts on the exchange. Thanks again! Do an IPO.

hi busoni Can u consider this suggestion:  all the accounts should be unsuspended(group of people assume all the liability of the entire incident), with limitations placed on withdrawals, but allowing them to view all the information and trade . that also increase the income to you website from trading fee.i think this solution can make those suspended account more active and contribute more fees.




It seemed that the hacker has sent Poloniex BTC, at least part of it. So how about the progress of the high trade fee ratio?